The DTA lowers barriers to cross-border investment and aims to boost trade and economic flows between the two countries.
The Mercosur-Singapore FTA will increase business opportunities and foster private sector engagements among Singapore, Brazil and the other Mercosur state parties.
Dr Balakrishnan expressed hopes that the early signing of the Mercosur-Singapore FTA can be done later this year.
“Together, we believe these two agreements will benefit businesses in both Brazil and Singapore, and boost trade and investment flows both ways,” said Dr Balakrishnan.
The joint statement noted that Dr Balakrishnan and Mr Vieira welcomed the rapid growth in trade and investments between the two countries in recent years.
Brazil is Singapore’s largest trading partner in Latin America and Singapore is Brazil’s largest trading partner in Southeast Asia and third largest in Asia.
In 2022, their bilateral trade in goods grew by more than 70 per cent year on year.
“They (the ministers) took note, with satisfaction, of Singaporean investments in the development of Brazilian infrastructure and logistics and of Singapore’s role as a hub for Brazilian business in Southeast Asia,” said the joint statement.
It added the ministers also welcomed the recent conclusion of the negotiations of a regionalisation plan for highly pathogenic avian influenza controls in Brazil.
The statement said Dr Balakrishnan and Mr Vieira recognised the strategic role of science, technology and innovation for the competitiveness of their countries’ economies and agreed to encourage interaction between the two countries’ innovation ecosystems.
On climate change, the statement said both ministers recognised the need to work together on the issue, including promoting environmentally sustainable development, by accelerating the implementation of the commitments made under the United Nations Framework Convention on Climate Change and its Paris Agreement.
“We believe combating climate change is a priority for both of us – it is a preoccupation for our countries. We have agreed to strengthen climate cooperation, especially in the development of fair, inclusive, and well-functioning global carbon markets,” said Dr Balakrishnan during the news conference.
